Turntable.fm

Online interactive platform for DJs and listeners

Description

Turntable.fm was an online interactive platform on which DJ, fans and casual listeners were brought together. People could choose avatars for themselves, browse different music rooms and create a playlist.

Stats

Category

Music

Country

United States

Started

In 2011

Closed

By 2013

Number of Founders

One

Name of Founders

Billy Chasen

Number of Employees

Between 1 And 10

Number of Funding Rounds

1

Total Funding Amount

$7M

Number of Investors

10

Precise Cause of Failure

Bad Business Model

Business Outcome

Shut Down

Cause of Failure

The
company shut down its services two and half years after its promising launch in
order to conserve its remaining venture capital to focus on the live version of
their startup. The cost of running this music service proved to be too
expensive and was not financially viable for them. Turntable.fm decided to play
licensed music which proved to have drained their time and capital. Although
the platform originally raised $7.5 million as soon as they started to
expand internationally things got out of hand. They also weren't fast enough to
adapt to the new mobile era.

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Turntable.fm was an online interactive platform on which DJ, fans and casual listeners were brought together. People could choose avatars for themselves, browse different music rooms and create a playlist.

Cause of Failure

The
company shut down its services two and half years after its promising launch in
order to conserve its remaining venture capital to focus on the live version of
their startup. The cost of running this music service proved to be too
expensive and was not financially viable for them. Turntable.fm decided to play
licensed music which proved to have drained their time and capital. Although
the platform originally raised $7.5 million as soon as they started to
expand internationally things got out of hand. They also weren't fast enough to
adapt to the new mobile era.